Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Starting a crypto project

twitter.com

Post reply on HN
Print view View original

171–180 of 373 posts

Re: Starting a crypto project

#171

Post by rodiger »

EVa5I7bHFq9mnYK wrote: post #111
purple_ferret wrote: post #85

Is there a POS stablecoin blockchain with smart contracts in the works? Why couldn't it be done? Because founders wouldn't be able to hold 80% of coins so they can cash out like Vitalik, CZ, or Justin Sun?

Because every stablecoin is by definition centralized. It has an underlying bank account, which could at any moment be freezed or seized, all coins confiscated and all smart contracts voided (or some specific contracts voided). Not so with decentralized blockchains based on proof of work.

Most, not all. E.g. DAI [0]

[0] https://makerdao.com/en/whitepaper#abstract

Re: Starting a crypto project

#172

Post by vmception »

Luker88 wrote: post #91

As someone interested in all of cryptography, I cringe every single time when we call blockchain "crypto". Sure, there's cryptography in it. But you don't call a mail or http server "crypto". There's similar tech in git, we don't call it "crypto", we call it VCS. Calling this "crypto" is just trying to add a mystic aura for stuff people don't understand, to further muddy the waters. We have a word for this technology…

Its called context.

A new one was created to convey a shared concept (aka the purpose of language) and will always be more popular than the thing you invested way too much time into to change.

It’ll sting at first but time to accept that and update your lexicon.

Re: Starting a crypto project

#173

Post by pjc50 »

reedjosh wrote: post #157
noxer wrote: post #142

Earlier quoted context omitted.

>Any wallet could offer the same thing. No, its not a wallet at all its a protocol like TCP but for money. If you are interested go read about it first. There is no point in arguing about something you dont know what it is. >PayPal could offer it Yes, they could but its not lucrative and if it would be they would not be interested in using a public interoperable protocol where everyone can offer the same service and…

> People already pay to not see ads its just cumbersome because every service needs a subscription or pro app or whatever. People will pay if it's a frictionless payment of a small amount reflective of the value gained. Netflix did this with movies, Spotify with music, `crypto with everything?` if the tech and business models are worked out.

Spotify and Netflix do the exact opposite: fixed cost. People hate having a taxi meter running.

Re: Starting a crypto project

#174

Post by vmception »

knorker wrote: post #51

> 9. The LAW. SO MUCH LAW. SO. MUCH. LAW. > 10. There's actually a good chance that there's not a single person in your entire state or country that knows how to do your taxes. And this is because your entire business model is to get around laws that were put in place ON PURPOSE.

Nah.

There are really dumb laws that you need a powerful defense or deterrent against.

The biggest problem is that you cant talk about them, or even share the deterrents, because it makes you a target for the regulators if you do. Its actually better that the regulators simply know you have a lawyer, and that they have no idea what your legal strategy is. In finance, ignorance of the law is an excuse (“scienter”), they codified the law specifically that way for themselves, and so giving any knowledge about the law undermines the defense of your own actions, and being able to say “my lawyer made me do it” is an even better defense.

This also means that each and every project has to recreate the legal guidance, until Congress explicitly makes a safe harbor route a default regulatory regime.

Corporate Securities lawyers know it, exchanges and service providers know it, they carved out a niche for themselves to provide this legal service and it costs 6 figures easily. It is not a perfect defense.

Many crypto project issuers are victims in this regard, with everyone onboard with this racket, they cant even talk to the SEC about what’s wrong.

Taxes aren't that hard but most providers overthink the word “crypto” when they hear it and confuse themselves.

Re: Starting a crypto project

#175

Post by [deleted] »

noxer wrote: post #169
anonymouse008 wrote: post #168

Earlier quoted context omitted.

> No it's not that, there's not a single blockchain based solution that achieves better results than a classical solution. Not a single one. Never has been. Not in 14 years. I'm open to one showing up! But, well, it hasn't. Mind helping me with my assumptions?? From what I see, the classical solutions assume the central authority will always exist and provide its services at reasonable prices, that the authority will…

ILP is (could be) the "interoperability between traditional world and blockchain" but only for payment/money/value We dont really know yet what else there might be. NFTs is the current hype but who knows what/if that will turn out to be in the future.

[deleted]

Re: Starting a crypto project

#176

Post by swiley »

noxer wrote: post #61

Here is a free tip if you want to do it anyway. DON'T CREATE ANOTHER F**ING TOKEN! Build you product on an existing reliable fast and cheap blockchain that fits your needs. Focus on the product not the price of tokens on said DLT. You dont need a token. No, really you dont. Your tokens only use case is likely to transfer value and guess which token can do this better than yours? All of them! Simply because they alrea…

Isn't XRP centralized?

Re: Starting a crypto project

#177

Post by knorker »

ypeterholmes wrote: post #120
knorker wrote: post #51

> 9. The LAW. SO MUCH LAW. SO. MUCH. LAW. > 10. There's actually a good chance that there's not a single person in your entire state or country that knows how to do your taxes. And this is because your entire business model is to get around laws that were put in place ON PURPOSE.

Not really.. most of these companies aren't trying to evade the law- in fact the industry is mostly begging for regulatory clarity in order to be in compliance. Nobody wants to invest millions into something that may or may not end up being designated as illegal.

I actually think that this is at the core of most of these companies.

Take anonymous money transfers for any amounts. This is why KYC/AML laws exist.

If someone could show how a cryptocurrency with anonymous features can follow KYC/AML laws, I'm all ears.

Begging for regulatory clarity makes it seems one-sided. It seems very clear to me that the dream the cryptocurrency companies are trying to sell is fundamentally incompatible with the intent of the regulation, even if not yet its text.

What can they be left with afterwards? We'll see, but it won't be the vision they've sold.

> Nobody wants to invest millions into something that may or may not end up being designated as illegal.

The bitcoin blockchain has child porn on it. And BTC is explicitly designed to break KYC/AML laws. Yet people invest.

Re: Starting a crypto project

#178

Post by arcticbull »

noxer wrote: post #164
reedjosh wrote: post #157

Earlier quoted context omitted.

> People already pay to not see ads its just cumbersome because every service needs a subscription or pro app or whatever. People will pay if it's a frictionless payment of a small amount reflective of the value gained. Netflix did this with movies, Spotify with music, `crypto with everything?` if the tech and business models are worked out.

Imagine how awesome it would be if you could search for a movie choose the service that current has the best cost/byte ratio for your location (they can make this variable to manage load). Then you start streaming. No registering needed. Not even a login. After 10 min you notice the film sucks so you stop the stream. You only payed for the first 10 min. Totally friction-less ofc. You could watch on a random TV anywhe…

It sounds not very compelling. Id rather give Netflix $50/mth and not worry about any of that.

[edit] not to mention, content creators don't price their movies in dollars per byte haha, they price it based on what they think people will pay. This is part of the reason all you can eat is much more enjoyable.

Re: Starting a crypto project

#179

Post by Fede_V »

pjc50 wrote: post #99
noxer wrote: post #61

Here is a free tip if you want to do it anyway. DON'T CREATE ANOTHER F**ING TOKEN! Build you product on an existing reliable fast and cheap blockchain that fits your needs. Focus on the product not the price of tokens on said DLT. You dont need a token. No, really you dont. Your tokens only use case is likely to transfer value and guess which token can do this better than yours? All of them! Simply because they alrea…

> You dont need a token. No, really you dont. Your tokens only use case is likely to transfer value Other way round: transferring value to yourself is the only use case . If you take a second to look in the mirror and see the wreckage of previous startups in this space, you'll see that - as pointed out in the OP thread - 99% of the community is there for the pump and dump. For all the practical purposes, distributed…

That's exactly right. I've seen zero products where the blockchain is a compelling value ad, with the exception of:

- it makes it easier to raise capital by claiming that what you are doing involves crypto, because then you get crypto-type valuations

- you can get money from people who want to speculate

Re: Starting a crypto project

#180

Post by vmception »

chrisco255 wrote: post #166
emmap21 wrote: post #29

From user experience, I personally don't see a strong benefit of crypto. It always looks like a Ponzi Scheme to me. When early users are people driven by greed than productivity, it is a HUGE problem.

I do. I can take out a 6 figure loan in 15 seconds and send it to anywhere in the world ( https://aave.com/ ). I can deploy capital, I can participate in liquidity pooling on decentralized exchanges in a completely permissionless manner ( https://uniswap.org/ ) (impossible unless you're a Wall Street insider in the current system), I can lend out currency at higher market rates to day traders participating in leverag…

I’m glad you wrote this, my favorite part coming up is when they pretend a MySQL database would be better for cross chain yield farming
Post reply on HN